Aldermen Gardiner, Napolitano, Sposato & Nugent oppose $830 million bond proposal

by BRIAN NADIG

Four Far Northwest Side aldermen are opposing the proposed $830 million bond issue that the Mayor Johnson administration is seeking to pay for infrastructure improvements.

“This reckless approach to governing only kicks the can farther down the road for future Chicago mayors and City Council members to deal with the repeated financial mistakes of the Johnson administration. For the sake of taxpayers, this idiotic proposal should be rejected immediately.”Alderman Jim Gardiner (45th) said.

Alderman Anthony Napolitano (41st) said that since he joined the City Council in 2015 he has never seen a bond package structured like this — with the city not paying any of the principal for about 20 years and the total cost being $2 billion due to the high amount of interest.

“It kicks payment down the road,” Napolitano said. “It’s like paying off a credit card, and that credit card is now in your kid’s name because you’re dead.” 

Napolitano added that there’s little to nothing in the bond package for Far Northwest Side wards, including no designated projects in his ward.

Napolitano said that for 5 years he’s been trying to get funds for a new playground at Onahan School, where children are getting injured due the poor conditions. He said that he’s been told the school is “not in the right neighborhood” in order to make the funding list despite assurances from both the Lightfoot and Johnson administrations that funds would be available.

The City Council is expected to vote on the proposal at a meeting scheduled for 10 a.m. Wednesday, Feb. 26. 

Alderman Nicholas Sposato (38th) said that at this time there are 27 “yes” votes lined up, with maybe a couple of “wild cards” that could change the outcome, but that he plans to be one of the 23 “no” votes against the general obligation bonds unless changes are made in its pay structure or the amount. “I’m not a rock solid ‘no’ or ‘yes,’” he said. 

Sposato said that he’s has been educating himself on the bond issue, talking to current and former city leaders and others. A former chief financial officer for the city told him that the structure of the bond issue was not unusual, while a watchdog group and others tell him it’s a bad deal.

Critics of the bond legislation point to a clause that some of the funds could go to the Chicago Public Schools, arguing that the money ultimately could be used to help pay for the teacher raises or pension debt. 

Sposato said that an administration official told him that the clause was added at the request of some alderpersons and that the administration would be open to its removal. 

The bond issue also is supposed to pay for the $1.5 million in discretionary funds (also called “menu” money) that each alderperson annually receives for side-street resurfacing and other capital projects in their ward, Sposato said. He added that it’s not clear if bond issues are always used to cover those funds. 

Napolitano said that he thought funds for the menu money already were included in the city budget and that the council needs more clarity on the matter.

Alderman Samantha Nugent (39th) opposes the bond issues unless significant changes are made in the payment structure for the interest and principal, a ward spokesperson said.

Sposato said that he doesn’t know if a compromise on the bond issue is possible but that anytime capital projects are delayed it means more money will be needed to pay for them when they are budgeted.

The council was scheduled to vote on the bond at its Feb. 19 meeting, but the vote was delayed due a parliamentary maneuver initiated by opponents of the proposal.

Sposato said that he wishes the vote had taken place because most alderpersons are “digging in” on the issue and that a delay probably won’t change anything.

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